Core Viewpoint - The company has experienced significant revenue growth in 2024, but net profit has declined due to intense price competition in the spice industry [2] Group 1: Financial Performance - In 2024, the company achieved a revenue of 797 million yuan, representing a year-on-year increase of 26.42%, while net profit attributable to shareholders was 56 million yuan, down 30.51% [2] - In Q1 2024, the company reported a record revenue of 262 million yuan and a net profit of approximately 82.17 million yuan, with a non-recurring net profit of 38.20 million yuan, marking a year-on-year growth of 120.8% [2] Group 2: Production Capacity and Expansion - The first phase of the "Yaxiang Biotechnology (Thailand) Co., Ltd. Production Base Project" commenced production in November 2024, with the Thai factory achieving normal full-load production [2] - The first phase capacity includes 1,000 tons of vanillin, 200 tons of oak moss, and other products, with a second phase expected to be completed around August 2025 [3] - A new synthetic vanillin production line is planned in Thailand, which will have an annual capacity of 4,000 tons [3] Group 3: Strategic Investments - The company plans to acquire 10% equity in Centrome Inc. for 30 million USD to expand sales channels and market share in the U.S. [3] - This investment is expected to enhance the company's international influence and complement its U.S. subsidiary's operations [3] Group 4: Market Strategy - The establishment of the Thai base allows the company to diversify its product structure and increase production capacity while avoiding tariff impacts [4] - The company is actively exploring new product layouts to meet diverse market demands, including the introduction of ambroxan, a fragrance ingredient commonly used in perfumes [4]

Group 1: Financial Performance - The company's net profit for 2024 is expected to decline due to four main factors: increased fixed asset depreciation, a 37% year-on-year increase in sales team size leading to higher sales expenses, increased R&D investment, and a structural decline in gross margin of core products due to intensified market competition [2][3] - In Q1 2025, the company reported a net profit growth of approximately 360%, attributed to investment income of about 40 million yuan and the efficient operation of the Thai production base [3] Group 2: Operational Insights - The Thai factory achieved approximately 90 million yuan in revenue and 19 million yuan in net profit in Q1 2025, primarily producing vanillin and cooling agents [3] - Long-term contracts account for about 80% of the company's total revenue, with pricing strategies adjusted based on market supply and demand dynamics [3][4] Group 3: Expansion and Product Development - The first phase of the Thai base is fully operational, with the second phase expected to be completed around August 2025, and the third phase in preliminary planning [3] - The company is actively exploring new product developments, such as ambroxan, to meet diverse market and consumer demands [4] - Strategic investment in ABT shares aims to strengthen sales channels and enhance market competitiveness [4]

Financial Overview - The company achieved significant growth in Q1 2025, with total revenue reaching 262 million yuan, a year-on-year increase of 50.28% [1] - The net profit attributable to shareholders was 82.17 million yuan, a substantial year-on-year increase of 361.70% [1] - The net profit after deducting non-recurring items was 38.20 million yuan, reflecting a year-on-year growth of 120.80% [1] Profitability Analysis - The company's gross margin was 31.58%, an increase of 18.52 percentage points year-on-year [2] - The net profit margin reached 31.35%, showing a significant year-on-year increase of 210.16 percentage points [2] - This indicates notable improvements in product value addition and service quality [2] Cost and Expenses - Despite revenue and profit growth, the proportion of the company's three expenses (selling, administrative, and financial expenses) to revenue increased from 9.46% in the same period last year to 12.68%, a rise of 34.05% [3] - This suggests potential pressure on cost control during operations [3] Asset and Liability Situation - As of the end of the reporting period, the company's cash and cash equivalents amounted to 256 million yuan, a decrease of 31.57% year-on-year [4] - Accounts receivable increased to 292 million yuan, a year-on-year growth of 44.09%, with accounts receivable to profit ratio reaching 524.82%, necessitating close monitoring of collection [4] - Interest-bearing liabilities also increased to 345 million yuan, a year-on-year rise of 73.42% [4] Per Share Indicators - The net asset per share was 21.20 yuan, a year-on-year increase of 9.17% [5] - Earnings per share were 1.02 yuan, reflecting a year-on-year growth of 363.64% [5] - Operating cash flow per share was 0.49 yuan, a significant year-on-year increase of 405.36% [5] Business Model and Financing Dividends - The company's performance primarily relies on R&D, equity financing, and capital expenditures [6] - Since its listing, the total financing amount has reached 727 million yuan, with total dividends distributed amounting to 40.40 million yuan, resulting in a dividend financing ratio of only 0.06 [6] - Overall, while the company showed excellent performance in Q1 2025, the rising expense ratio and rapid growth in accounts receivable warrant further attention from investors [6]

智通财经4月28日电，亚香股份(301220.SZ)公告称，2025年第一季度营业收入为2.62亿元，同比增长 50.28%；归属于上市公司股东的净利润为8216.81万元，同比增长361.70%。净利润增长主要是本期收入 增加及处置子公司股权的投资收益增加所致。 亚香股份：一季度净利润同比增长361.70% ...

Financial Performance - The company's revenue for Q1 2025 reached ¥261,583,939.37, representing a 50.28% increase compared to ¥174,061,189.54 in the same period last year[5] - Net profit attributable to shareholders was ¥82,168,087.18, a significant increase of 361.70% from ¥17,796,689.08 year-on-year[5] - The net cash flow from operating activities surged by 405.36% to ¥39,358,592.34, up from ¥7,788,178.44 in the previous year[5] - Basic and diluted earnings per share both increased to ¥1.02, reflecting a 363.64% rise from ¥0.22 in the prior year[5] - Total operating revenue for the current period reached ¥261,583,939.37, a significant increase from ¥174,061,189.54 in the previous period, representing a growth of approximately 50.4%[17] - Net profit for the current period was ¥82,015,451.78, compared to ¥17,595,543.39 in the previous period, reflecting a growth of approximately 370.5%[18] - The total comprehensive income attributable to the parent company was CNY 81,686,693.14, compared to CNY 8,384,635.48 in the previous period[19] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥2,257,356,029.60, a 7.25% increase from ¥2,104,809,521.16 at the end of the previous year[5] - The company's total assets increased to ¥2,257,356,029.60 from ¥2,104,809,521.16, marking a rise of about 7.3%[16] - The total liabilities increased to ¥535,397,311.56 from ¥464,676,468.36, representing a growth of about 15.2%[16] - The company reported an investment income of ¥50,023,991.08, a dramatic increase of 6580.22% compared to a loss of ¥771,948.92 in the same period last year, primarily due to the disposal of subsidiary equity[8] - The company completed the transfer of 95% equity in Kunshan Haolirui Environmental Technology Co., Ltd., resulting in an investment gain of ¥50,716,003.00[6] - The company's total liabilities increased, with long-term borrowings rising by 69.90% to ¥144,558,819.45, attributed to loans for subsidiary projects[8] Cash Flow - The company's cash and cash equivalents increased to ¥255,923,313.36 from ¥211,424,075.91[14] - Cash inflow from operating activities totaled CNY 318,528,347.86, compared to CNY 195,601,732.99 in the previous period[22] - Cash outflow from operating activities was CNY 279,169,755.52, compared to CNY 187,813,554.55 in the previous period[22] - Net cash flow from investing activities was -CNY 93,486,917.35, worsening from -CNY 17,855,021.09 in the previous period[22] - Cash inflow from financing activities was CNY 85,000,000.00, down from CNY 123,305,213.00 in the previous period[22] - The ending cash and cash equivalents balance was CNY 195,449,254.07, down from CNY 353,877,493.72 in the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,266[9] - The largest shareholder, Zhou Junxue, holds 39.93% of the shares, totaling 32,261,951 shares[9] - The company has repurchased 872,900 shares, representing 1.0803% of the total share capital as of March 31, 2025[10] - The total number of shareholders with restored voting rights for preferred shares is 0[9] - The company has a total of 22,275 restricted shares due to executive lock-up[11] - The top ten shareholders include both individual and institutional investors, with significant stakes held by domestic natural persons[9] - The company has not reported any changes in the lending of shares by the top ten shareholders due to margin trading[10] Operational Insights - The gross profit margin improved significantly due to increased sales volume, with total operating costs rising by 45.72% to ¥221,690,186.02[8] - Total operating costs amounted to ¥221,690,186.02, up from ¥152,131,921.38, indicating an increase of about 45.7%[17] - Research and development expenses rose to ¥8,223,325.12 from ¥5,838,664.32, indicating an increase of approximately 40.7%[18] - The company plans to continue expanding its market presence and investing in new projects to sustain growth momentum[7] - The company plans to change its registered address to "No. 201, Chenfeng Road, Yushan Town, Kunshan City" as part of its future development strategy[12] Inventory and Receivables - Accounts receivable rose to ¥292,342,528.26 from ¥238,767,072.51, an increase of approximately 22.4%[15] - Inventory levels slightly increased to ¥470,562,731.61 from ¥465,044,690.94, showing a marginal growth of about 1.1%[15] - Long-term equity investments decreased to ¥18,070,708.15 from ¥19,078,449.44, a decline of approximately 5.3%[15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a historical high in revenue in 2024, with total revenue reaching 797 million yuan, a year-on-year increase of 26.4%. However, the net profit attributable to shareholders decreased by 30.5% to 56 million yuan due to intensified product price competition and shrinking profit margins [4][5] - The company is actively expanding its overseas sales channels, with export sales amounting to 554 million yuan, a year-on-year increase of 32.0%, and export sales accounting for 69.5% of total sales [5] - The company has accelerated its capacity expansion, with the first phase of its fundraising project in Thailand officially commencing production in November 2024, expected to add significant production capacity [8][9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 797 million yuan, with a gross profit margin of 25.5%, down 6.6 percentage points year-on-year. The net profit margin was 6.9%, a decrease of 5.7 percentage points [4][5] - The fourth quarter of 2024 saw a revenue of 221 million yuan, a year-on-year increase of 41.8%, while the net profit was 11 million yuan, down 5.3% year-on-year [4][7] Capacity Expansion and Market Strategy - The company has initiated a project in Thailand that will add 1,000 tons of vanillin, 200 tons of rubber flavoring, and other products to its production capacity, which is expected to positively impact its operational performance [8] - The acquisition of a 10% stake in Centrome Inc. (ABT) for 30 million USD is aimed at enhancing the company's market competitiveness and expanding its sales channels [9] Profit Forecast and Valuation - The company’s revenue projections for 2025, 2026, and 2027 are 1.379 billion yuan, 1.638 billion yuan, and 1.828 billion yuan, respectively, with corresponding net profits of 199 million yuan, 274 million yuan, and 327 million yuan [10][12] - The expected price-to-earnings (P/E) ratios for the next three years are 32, 23, and 19 times, reflecting the anticipated growth in the vanillin market and the impact of new production capacity [10][12]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [3]. Core Viewpoints - The company achieved a revenue of 797 million yuan in 2024, representing a year-on-year growth of 26.42%. However, the net profit attributable to shareholders decreased by 30.51% to 56 million yuan due to intensified product price competition [1]. - The establishment of the Thailand production base is expected to enhance the company's competitive strength by avoiding tariff impacts and expanding product capacity. The first phase of the Thailand project has commenced production, with an estimated annual revenue of 400 million yuan from the new synthetic vanillin production line [2]. - The company is projected to see significant profit growth in the coming years, with net profits expected to reach 260 million yuan in 2025, 342 million yuan in 2026, and 406 million yuan in 2027, reflecting a recovery from the previous year's decline [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 797 million yuan, with a growth rate of 26.42%. The net profit attributable to shareholders was 56 million yuan, down 30.51% year-on-year. The fourth quarter of 2024 saw revenue of 221 million yuan, a 41.79% increase year-on-year [1]. - The revenue breakdown by business segments for 2024 includes synthetic flavors (85 million yuan), cooling agents (317 million yuan), natural flavors (383 million yuan), and other products (12 million yuan) [1]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.78 billion yuan, 2.12 billion yuan, and 2.46 billion yuan, respectively, with growth rates of 123.4%, 19.0%, and 16.2% [4]. - The expected net profit for 2025 is 260 million yuan, with a significant recovery projected for subsequent years [4]. Valuation Metrics - The current price of the stock is 81.99 yuan, with projected price-to-earnings (PE) ratios of 25X for 2025, 19X for 2026, and 16X for 2027 [5][4].

- 2 - 特别提示 证券简称：亚香股份 证券代码：301220 昆山亚香香料股份有限公司 2024 年限制性股票激励计划 （草案） 二〇二五年四月 声 明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性和完整性承担个别和连带的法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相 关信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激 励计划所获得的全部利益返还公司。 一、昆山亚香香料股份有限公司2024年限制性股票激励计划（以下简称"本激 励计划"）系依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》《深圳证券交易所创业板股票上市规则（2023 年 8 月修订）》 《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》和其他有关 法律、法规、规范性文件，以及《昆山亚香香料股份有限公司章程》制订。 二、本激励计划采取的激励工具为限制性股票（第二类限制性股票）。股票来 源为昆山亚香香料股份有限公司（以下简 ...

证券代码：301220 证券简称：亚香股份 公告编号：2025-019 昆山亚香香料股份有限公司 关于调整 2024 年限制性股票激励计划股票来源的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 6、2025 年 4 月 21 日，公司召开第三届董事会第二十三会议与第三届监事会第 十九次会议，审议通过《关于调整 2024 年限制性股票激励计划股票来源的议案》， 同意将本次限制性股票的股票来源由公司从二级市场回购的本公司人民币 A 股普通 股股票调整为公司从二级市场回购的本公司人民币 A 股普通股股票及/或向激励对象 定向发行的本公司人民币 A 股普通股股票，并同步修订《激励计划草案》相关条款。 公司独立董事召开 2025 年第一次独立董事专门会议审议通过了调整 2024年限制性 2 昆山亚香香料股份有限公司（以下简称"公司"）于 2025 年 4 月 21日召开第 三届董事会第二十三次会议与第三届监事会第十九次会议，审议通过《关于调整 2024 年限制性股票激励计划股票来源的议案》，同意公司根据《上市公司股权激 励管理办法》（以下简称"《管理办法》"）及 ...

证券简称：亚香股份 证券代码：301220 昆山亚香香料股份有限公司 2024 年限制性股票激励计划 （草案）摘要 二〇二五年四月 声 明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性陈 述或重大遗漏，并对其真实性、准确性和完整性承担个别和连带的法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述或 者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信息披 露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划所获得 的全部利益返还公司。 - 2 - 特别提示 一、昆山亚香香料股份有限公司2024年限制性股票激励计划（以下简称"本激 励计划"）系依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》《深圳证券交易所创业板股票上市规则（2023 年 8 月修订）》 《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》和其他有关 法律、法规、规范性文件，以及《昆山亚香香料股份有限公司章程》制订。 二、本激励计划采取的激励工具为限制性股票（第二类限制性股票）。股票来 源为昆山亚香香料股份有限公司（以 ...